Key Takeaways
- Tether CEO Paolo Ardoino has strongly denied rumors that the company is selling off its Bitcoin to buy gold, clarifying that the firm has actually increased its net BTC holdings.
- The rumors stemmed from a misinterpretation of a Q2 attestation report, which failed to account for a large-scale transfer of BTC to a new investment initiative called Twenty One Capital (XXI).
- The stablecoin issuer is maintaining its long-term strategy of allocating profits to both Bitcoin and physical assets like gold and land as a hedge against global economic instability.
Tether CEO Paolo Ardoino has publicly refuted rumors that the stablecoin issuer is offloading its substantial Bitcoin (BTC) holdings in favor of gold. The speculation, which swirled across social media, was sparked by an analysis of Tether’s Q2 attestation report that showed a decline in its BTC reserves.
In a post on X, Ardoino clarified that the company “didn’t sell any Bitcoin” and is continuing its strategy of allocating profits to a diversified portfolio of assets, including BTC, gold, and land.
The Misinterpretation of Attestation Data
The confusion arose from a misreading of Tether’s quarterly attestation data from the accounting firm BDO.

Unlike a full financial audit, which provides a comprehensive review of a company’s financial health, an attestation is a point-in-time snapshot that only verifies reserve balances at a specific moment.
The report showed a drop in Tether’s Bitcoin holdings from Q1 to Q2, leading some to conclude a sell-off had occurred. However, as a closer look by analysts revealed, the decline was due to the movement of nearly 20,000 BTC to Twenty One Capital (XXI), a Bitcoin-native financial platform.
When this transfer is accounted for, Tether’s net Bitcoin holdings actually increased. Ardoino confirmed this, stating that the Bitcoin was “moved, not sold,” and that the firm continues to invest a portion of its profits into a mix of secure assets.
A Hybrid Reserve Model
Tether’s ongoing investment in Bitcoin is part of a broader, hybrid reserve model designed to create a “shield against global economic uncertainty.”
In addition to its BTC holdings, which now stand at over 100,000 BTC, the company has also been expanding its accumulation of physical assets like gold and land.
This strategy is further evidenced by the growth of its gold-backed token, XAUT, which recently surpassed a $1.3 billion market cap.
Final Thoughts
The recent Tether rumors highlight the fragility of market sentiment and the importance of understanding the difference between an attestation and a full audit. Tether’s proactive clarification of its investment strategy reinforces its commitment to Bitcoin while also demonstrating a savvy diversification into traditional hard assets.
Frequently Asked Questions
What is an attestation?
An attestation is a point-in-time snapshot from an accounting firm that verifies a company’s reserves at a specific moment, but it is not a full, comprehensive financial audit.
Why did Tether’s Bitcoin holdings appear to drop?
Tether’s Bitcoin holdings appeared to drop in its Q2 report because a large portion of its BTC was moved to a separate investment initiative, not sold.
What is Tether’s investment strategy?
Tether’s investment strategy is to allocate a portion of its profits into a diversified portfolio of assets, including Bitcoin, gold, and land, as a hedge against economic uncertainty.